Swiss Companies Anticipate Major Impact from U.S. Tariffs
ZURICH (Reuters) - Swiss firms are concerned U.S. tariffs will hit demand in the United States, spark an economic downturn and put them at a disadvantage against rivals, a survey showed on Wednesday.
The April 3-4 poll of 94 Swiss industry groups and companies by business group Economiesuisse showed that 49% were strongly or very strongly affected by U.S. tariffs on Swiss exports.
A further 27% said they saw little negative impact, while nearly a quarter said they were not negatively affected at all.
When the Trump administration announced its tariffs last week, Switzerland was hit disproportionately with a 31% rate, compared with 20% on the European Union and 10% on Britain.
Economiesuisse, which said its survey did not claim to be a representative picture of sentiment, had earlier slammed U.S. tariffs on Swiss imports as harmful and unjustified.
Most firms participating in the poll have not yet taken any measures to absorb the shock but are evaluating how to mitigate tariffs in the medium to long term, Economiesuisse said.
They are considering diverting business via countries with lower tariffs, passing on costs to U.S. importers, and diversifying into other sales markets, the study said.
(Reporting by Ariane Luthi; Editing by Dave Graham)
